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Fiscal Reforms, Long-term Growth and Income Inequality

Correa-Caro, Carolina, Ormaechea, Santiago Acosta, Komatsuzaki, Takuji, (2017), “Fiscal Reforms, Long-term Growth and Income Inequality”, IMF Working Paper 17/145, 29 Ιουνίου We estimate the effects on growth of nine fiscal reform episodes in seven high-income countries using the Synthetic Control Method. These episodes are selected using an indicator-based approach applied to the evaluation of growth-friendly fiscal reforms during 1975-2010. We find that in reform countries the annual growth rate of real GDP …Read More

Reflecting on how to run €MU more effectively

Begg, Iain, (2017), “Reflecting on how to run €MU more effectively”, LSE EUROPP, 29 Ιουνίου Earlier this year, the European Commission published a consultative White Paper setting out a number of scenarios on the Future of Europe and undertook to nourish the ensuing debates by releasing a series of Reflection Papers on key dimensions of the development of the Union. Among these is the recently-released one on the deepening of …Read More

Περιορισμό του QE προεξοφλούν οι διεθνείς αγορές

Ζολώτα, Ζωρζέτ, (2017), “Περιορισμό του QE προεξοφλούν οι διεθνείς αγορές”, Η Καθημερινή, 2 Ιουλίου Αν και αξιωματούχοι της Ευρωπαϊκής Κεντρικής Τράπεζας (ΕΚΤ) επιχείρησαν να μετριάσουν τις εντυπώσεις που δημιουργήθηκαν από την ομιλία του Μάριο Ντράγκι, προέδρου της Ευρωτράπεζας, στην Πορτογαλία για επικείμενη αναδίπλωση της επεκτατικής νομισματικής πολιτικής στην Ευρωζώνη, οι αγορές είχαν ήδη αναπτύξει ταχύτητες. Το ευρώ έφθασε το 1,14 δολ. από 1,1179 στις αρχές της εβδομάδας, αντανακλώντας κέρδη πάνω …Read More

Eurozone or EU budget? Confronting a complex political question

Wolff, Guntram B., (2017), “Eurozone or EU budget? Confronting a complex political question”, Bruegel, 29 Ιουνίου The European Commission has just published its reflection paper on the future of the EU budget. It touches on many topics, but at its heart the paper is agonising over one political question: Should there be a euro-area budget distinct from the overall EU budget? And if so, what kind of interplay will there …Read More

Euro area annual inflation down to 1.3%

Eurostat/Euro area annual inflation down to 1.3%/30 Ιουνίου 2017 Euro area annual inflation is expected to be 1.3% in June 2017, down from 1.4% in May 2017, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in June (1.9%, compared with 4.5% in May), followed by services …Read More

A Complementary Tool to Monitor Fiscal Stress in European Economies

Pamies Sumner, Stéphanie, Berti, Katia, (2017), “A Complementary Tool to Monitor Fiscal Stress in European Economies”, European Commission, Directorate-General for Economic and Financial Affairs Discussion Paper No 049, Ιούνιος This paper presents an indicator of fiscal distress for European economies based on a multivariate regression analysis (logit modelling, the L1 indicator) and on a recently updated dataset of fiscal stress episodes. This indicator presents some interesting features: relying on a …Read More

EU – Fateful Year 2017

Vorbach, Judith, (2017), “EU-Fateful Year 2017“, Social Europe, 29 Ιουνίου Economic policy has predominantly been run on neoliberal lines, notably since the 1970s. This trend has manifested itself in the liberalization of markets, cuts in public investment, de-regulation, privatization and marginalization of trade unions. The credo runs: The less government interferes in the market and the more it improves the framework conditions for companies (aka supply side), the better for …Read More

Do the Troika’s financial assistance programs reduce systemic risk? Evidence from Eurozone countries

Moutsianas, Konstantinos A., Kosmidou, Kyriaki, (2016), “Do the Troika’s financial assistance programs reduce systemic risk? Evidence from Eurozone countries”, International Journal of Banking, Accounting and Finance, 7(2), pp. 149-171 The European sovereign debt crisis has forced many countries in the Eurozone to request financial assistance from the European Central Bank (ECB) and the International Monetary Fund (IMF) to prevent the contagion of the crisis to national banking systems. In the …Read More

Where Does Italy’s Bank Recapitalization Stand?

Setser, Brad W., Smith, Emma, (2017), “Where Does Italy’s Bank Recapitalization Stand?”, Council for Foreign Relations, 21 Ιουνίου Italy is now willing to use the public sector’s balance sheet for recapitalization, which has allowed a bit of forward movement. But public injections of capital need to be consistent with European banking union and state aid rules. Europe seems to have created binding rules that limit national sovereignty (though probably only …Read More

Η αναβίωση του γαλλογερμανικού άξονα

Barkin, Noah, (2017), “Η αναβίωση του γαλλογερμανικού άξονα”, Reuters, Η Καθημερινή, 27 Ιουνίου Τον περασμένο Ιανουάριο, όταν οι πιθανότητες να κερδίσει τις γαλλικές προεδρικές εκλογές θεωρούνταν μικρές, ο Εμανουέλ Μακρόν πήγε στο Βερολίνο και εξέφρασε τις απόψεις του για όσα πρέπει να κάνει η Ευρώπη ώστε να ανανεωθεί. «Οπως είχε πει ο Ζακ Ντελόρ, για την Eυρώπη χρειαζόμαστε ένα όραμα και ένα κατσαβίδι», δήλωσε ο Εμανουέλ Mακρόν σε ομιλία του …Read More